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One Third of Companies Suffer Supplier Fraud

Walk down the streets of New York City and it is amazing how many Gucci bags you can buy for the price of the change in your pocket. Unfortunately, these bags tend to be knock offs. Similarly, as Will Green writes, the 2013 Kroll Global Fraud Report states that “the number of firms hit by fraud has risen from 61 percent in the previous year, while one in five organizations has fallen victim to procurement related fraud, up from 12 percent.” A third of the procurement victims were scammed by vendors or suppliers. This is occurring because globalization has led to more risky endeavors where bribery and corruption are prevalent. Cyber crime by external hackers has also doubled. It can be difficult to anticipate when fraud might occur, so the best thing that can be done is to prepare in advance for when such situations arise. Maybe put that faux-Gucci on eBay.

About John Friscia

John Friscia is the Editor of Computer Aid's Accelerating IT Success. He began working for Computer Aid, Inc. in 2013 and continues to provide graphic design support for AITS. He graduated summa cum laude from Shippensburg University with a B.A. in English.

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